1.

Introduction

This report aims to present the internationalization of Castrol, a motor oil and lubricants brand, through market analysis of Vietnams transportation industry. Castrol was acquired by British Petroleum Oil and Gas Company in 2002 (BP, 2012). Castrol symbolizes premium quality, high performance and leading edge technology in lubrication, particularly for automobiles and motorcycle (Castrol, 2012). Vietnam is targeted as a potential market due to its large motorcycle-dependent population.

This report comprises the analysis of key issues in Vietnam, in terms of culture, political environment, ethical standards and competitions, which lead to certain buyer behaviours toward Castrol. Strategies adopted to capture the Vietnamese market are discussed as well. Environmental analysis is used to determine potential opportunities that leverage and challenges that impact the products market entry. It is concluded by suggesting possible solutions for Castrol to overcome the challenges and further exploit the accessible opportunities in Vietnam.

2.0

Key Issues in Vietnam 2.1 Culture According to the Hofstedes Cultural Dimensions, Vietnamese culture can be described as high power distance, high collectivism, low uncertainty avoidance (Quang & Nguyen, 2002), feminine and long-term orientation (ITIM, 2011).

In Vietnam, employees view their organizations as families, whereby children must obey the parents -- a clear subordinate-superior relationship. Formality and hierarchy are emphasized in the society. Confucianism from China has formed a collectivist society that highlights building good guanxi (relationship) among group members to gain loyalty and trust. Vietnamese also prioritize group harmony (Quang & Nguyen, 2002). Losing face (mianzi) is offensive, thus direct conflicts or confrontations

are avoided. This results in long-term amicable personal and business relationship. Refer to Appendix 1 for detailed information.

In state-owned or private sector, management tends to adopt a paternalistic approach in Vietnam. At the same time, in the transition towards open economy, there is high interest among the younger managers, pioneered by international joint ventures, to adopt a participative management style (Quang & Nguyen, 2002). Adaptation and adjustment are keys for Castrol to succeed in Vietnam, where Vietnamese values, behaviours and cultures vary from Castrols accustomed management style. Non-verbal communication such as gestures and punctuality depict important messages that indicate the sustainability of the relationship (Tuyen & Johanson, 2008). Indirect talks are tricky for Westerners. Even though agreed upon in black and white, Vietnamese may confront on the agreement (UK Trade and Investment, 2009). This shows that Vietnamese has a high-context culture and a detailed cultural profile should be researched prior to market entry.

2.2

Politics

In 1980s, Vietnam turned away from its main assurance on the Council of Mutual Economic Assistance (CMEA) trading block and introduced Doi Moi (economic renovation) policy, transitioning into market economy and welcoming foreign investment (Nguyen & Bryant, 2004). Doi Moi is the economic reforms introduced in Vietnam in 1986 to develop a socialist-oriented market economy (Data Monitor, 2011). In 1992, a new state constitution was accepted in Vietnam, describing government reorganization and increase in economic freedom (Costello, Nash, Kavanagh, Smyth, & Boyce, 2010). The government also offered better tax incentives to attract more foreign oil companies. Since the opening of industry to foreign partners in 1998, approximately 44 investment licenses for oil and gas exploration were issued and change in tariff system was introduced.

In January 2007, Vietnam became the 150th member of the World Trade Organization (WTO). The membership advantageously reduced tariffs and limitations on Vietnams exports to other member states (Data Monitor, 2011). This resulted in significantly increased foreign direct investment in Vietnam. In the official tax incentive policy by the government, Castrol is one of the foreign companies entitled to better incentives via lower export tariffs, as less cost will be incurred due to the tax benefits. It encouraged Castrol to enter the market as one of the leading distributors of lubricants in Vietnam. However, this may also attract more competitors, hence affecting its future profit. Even though most workshops in Vietnam market widely-known lubricants, the price-sensitive Vietnamese consumers usually favour cheaper oils, without much emphasis on quality (Dodd, 2005).

2.3

Ethical Standard

Ethical standard is defined as principles that promote values such as trust, good behaviour, fairness and kindness (Ethical Standard, n.d.). No constant or predetermined standards must be adhered by companies or nations, but each has the right to develop the standards that are meaningful for them. Hence, ethical standards are not always easily enforceable, as they are subjective and frequently vaguely defined. In Vietnam, foreign companies have to deal with the government. Companies may need to undergo similar bureaucratic procedures several times to obtain the necessary permits to operate a foreign-owned company (Bosrock, 2012). Also, direct contact with ministry officials responsible for permit granting or approval is crucial. Difficulties may arise when officials refuse to approve the permits. Thus, companies tend to provide gifts to the officials to hasten the procedure and ascertain permits approvals. However, gifting is bribery in the United States, whereby the law defines bribery as the offering, giving, receiving or soliciting of something of value to influence officials action in discharging their public or legal duties (Bribery and Corruption Law, n.d.). This represents a difference in business conduct between Vietnam and Western countries.

According to the Transparency Internationals Corruption Perspective Index, Vietnam is 2.9 (the higher the better) and ranked number 112 globally in 2011 (Rogers & Provost, 2011). To increase Vietnams transparency, the government has established the anti-corruption body, National Strategy for Preventing and Combating Corruption Towards 2020 in May 2009 and joined the United Nations Convention against Corruption in June 2009 (Vietnam Country Profile, 2011). As Vietnam is improving its transparency, Castrol needs to cooperate and adhere to policies to ensure their market access. For example, after Intel cooperated with Vietnam to fight corruption and improper business conduct, unprecedented access to higher officials was granted (Deresky, 2011).

2.4

Competition In the past, fair competition amongst companies was absent in Vietnam due to

lack of market competition policy and regulation of fair trade. The state will prevent competition in markets to protect state-owned companies. As Vietnam moves to a more market-oriented economy, the implementation of an effective competition policy is essential. Hence, Vietnam Law on Competition was introduced in 2005, creating a fair ground for all types of enterprises and providing legal foundations for fair competition (Harvie, 2001).

By protecting competition, types and pricing of goods and services produced are determined by the market. The Laws objective is mainly protection of consumers so they can make free and informed choices in purchasing goods and services. The Law may impact Castrols success in Vietnam by creating a need for continuous ownership reforms and generation of new private enterprises. This requires barrier removal so that market entry for new business ownerships is free (Philip, 2006). Hence, Castrol will encounter increase in competition.

Besides that, unviable state owned enterprises should be allowed to exit the market and their resources put to more efficient and productive use in the market. The levelled playing field in terms of market access and fair competition between the various forms of ownership needs can thus be created.
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3.0

Castrols Strategies in Vietnam Dunnings theory stated that company can enter a foreign country through foreign direct investment due to factors such as ownership advantage, location advantage and internalization advantage (Hill, Cronk, & Wickramasekera, 2011). Ownership advantage is the firms specific advantage (FSA) which is usually intangible and can be transferred within the multinational firms at lower cost (Eden & Li, 2009). Through location advantage in foreign countries, companies can adopt and integrate country-specific resources with their FSAs to maximize profit potential (Hill, Cronk, & Wickramasekera, 2011). This enables companies to establish own production plants in the countries, rather than via partnership agreement (Eden & Li, 2009).

Castrol chose Vietnam due to its location advantage. Vietnam has a massive motorcycle market which has annual sales that approximates 2.7million units (Insight, 2010). Due to the massive size of the market, this increases the demand of complementary goods for motorcycles ---petrol. Before entering Vietnam, Castrol used localization strategy to suit the Vietnamese market due to factors explained in section 2.0. Through joint venture with a state-owned Saigon Petro in 1998, Castrol successfully entered Vietnam (Fevre, 1998). Thereafter, Castrol modified its core competencies (4Ps: Price, Promotion, Product and Place) to suit the local market. Castrols product strategy is aimed at consumers who wish to best maintain their motorcycles. Brand loyalty is highlighted as Castrols long term goal. Through brand loyalty, it is hoped that motorcyclists will continue using Castrol when they purchase a car. This strategy is selected due to its effective results in Thailand that has established Castrol as the leader in Thailands automobile market.

Due to the unique conditions in Vietnam, Castrol have two specific distributors in a region; one to deal with state-owned customers, while the other deals with private customers. However, Nguyen and Bryant (2004) stated that Castrols management was
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concerned about the lack of professionalism in the distributors business management had badly affected Castrols brand image. Though it is costly to manage the system and hire professionals, Castrol states that this is the only method to address the issue and operate in Vietnam. Price, a very important factor in the four Ps, determines the companys profit and survival. Castrol prices its product at about three times the cost of cheaper imports from Taiwan and Thailand. According to Dirk A. de Veer, the General Director of the joint venture between British-based Castrol Limited and Saigon Petro (Vietnam), Castrol will not increase the price despite rising production costs caused by a price surge in the world crude oil market (Highbeam, 2000).

Promotion is the method of communication used to provide information to different parties about the product. In 2008, Castrol sponsored the football tournament, UEFAs European Championships 2008 in Vietnam. Due to the successful association, Castrol decided to extend the partnership with UEFA and signed on as a global partner of the 2012 European Championships (BP Vietnam, 2008), representing Castrols effective promotion strategy in enhancing product recognition in Asia, a region that has massive followers of global football competitions.

4.0

Opportunities and Challenges 4.1 Political & Legal Aspects

Vietnams liberalized trade has reduced its currency to increase exports and implement a regional and international economic re-integration policy to reimburse the radical cuts in Soviet-bloc support after 1989. Vietnam aims to develop a more competitive and open economy via commitment to international trade agreements, such as the Association of Southeast Asian Nations (ASEAN) Free Trade Area (AFTA) and U.S. Vietnam Bilateral Trade Agreement (BTA) (U.S. Department of State, 2012). This indicates that Castrol has the right to receive national treatment and remove some tariff and restrictions on its traded goods. However, there are still other competitors for Castrol
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in Vietnam such as Shell and ExxonMobil. Newcomers in Vietnam will enhance market growth, but it would also increase the risk and competition for Castrol. Vietnams government created the Ministry of Environment and Natural Resources (MONRE) and endorsed the National Strategy for Environmental Protection (NSEP) in 2003. MONRE currently plans to alter the Law on Environmental Protection to ease new policy tools and remedies for pollution prevention, enhance processes in environmental management for stricter pollution control and increase consumers awareness towards relevant laws and effects (Phuong & Hanh, 2008). According to Costello et al. (2010), the progression of achieving the law of enforcement on environment protection and development is still at a poor stage, thus Castrol is able to operate business easily due to less stringent law. However, there are still some strict legal restrictions to be adhered by foreign companies. Castrol should also be conscious about the potential influence of government intervention in achieving its objectives and adhere to necessary policies.

4.2

Economical & Technological Aspects

Economic factors comprise interest rates, exchange rates, taxation, economic growth and inflation in an economy. All these factors can heavily impact an organizations major decision-making processes. A growing economy provides greater opportunities for businesses to make profits, hence, businesses welcome rising living standards. Vietnams economy is rapidly rising, with average annual GDP growth just behind China and India. Its per capita income rose from $220 (1994) to $1052 (2009) (U.S. Department of State, 2012). Vietnam offers many opportunities for foreign exporters and investors. Companies that invest in Vietnam will have to consider economic factors such as low disposal income, weak currency and high inflation rates. In addition, there are many opportunities to be exploited in the Vietnamese economy and especially international trade.
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According to the Internet World Stats, Vietnam is ranked seventh in internet usage in Asia (Steinglass, 2010). Besides that, Vietnamese has high interest in technology and technical gadgets (Steinglass, 2010). Currently, technology markets in Vietnam are growing but still in the early stages of development. This provides an excellent opportunity for Castrol with a high technological and customizable product and service to gain a dominant market share in an emerging marketplace.

4.3

Social Aspects

Vietnam is a multi-ethnical country with 54 ethnic groups. Vietnamese is the official language, influenced by French and Mandarin due to past administration by and affiliation with the respective countries (Tuyen & Johanson, 2008). Due to Western influences, English is widely spoken by the younger urban generations. This has removed the communication barriers between Castrol and the locals, easing the negotiation process. However, interpretation may be required for business meetings, especially outside the major cities where traditional cultures and languages are dominant.

Vietnamese appreciate education, with 94% literacy rate in 2009 (Orkin, 2009). They believe that education enhances their social status. In addition, economic improvement and influx of western influences (e.g. consumerism) have lead to an increased demand for quality products. Hence, Castrol has a competitive advantage in this market. Although demand is existent, the World Bank (2011) still classifies Vietnam as a poor country with low average incomes. Vietnamese may not afford to purchase Castrol despite the demand for quality products.

4.4

Environmental Aspect

Geographically, Vietnam is an S-shaped country in the tropical zone. The eastern border has more than 3,400 km of coastline that faces the East Sea and the Pacific Ocean (CIA, 2012). This strategic terrain uniquely facilitates international companies entries
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via seaports and centrally-situated between the worlds east and west sides. However, Vietnam has monsoon climate, hence subjected to natural disaster such as typhoons (CIA, 2012). As such, necessary temporary operation closures may affect sales. Additionally, mountainous areas and poor transportation links between the north and south are technical and financial challenges for Castrol in reaching its target market.

Vietnam is currently affected by environmental pollutions due to lack of proper wastewater treatment plants (Anh, 2010). This issue causes local companies involved in polluting acts to have difficulty in accessing bank funds. It, however, creates lucrative opportunities for foreign firms to enter Vietnam with their finished products and the possibility to enhance existing infrastructure to reduce pollutions. Shinhan Vina Company Limited, a Vietnamese company, built a wastewater treatment plant that reduces its operating costs and helps in gaining consumer confidence (Hieu, 2010).

5.0

Future Directions 5.1 Possible Solutions for Future Challenges Castrol is the worlds leader in automobile lubrication, delivering top quality and innovative performance products through innovative product development. According to Castrols CEO, Tim Stevenson (2010), although the global lubricant market has been almost flat over the last decade, Castrols profits have grown at 14 per cent annually and sales by an average 6 per cent yearly. The continuous success is derived from its core competency of adopting the concept of market fragmentation product customization according to customers needs. Although Castrol does not own oil reserves or refineries like other competitors, it has the technological advantage of more than 3000 lubricant formulae to satisfy different applications (Robert, 1998). Moreover, sponsoring of sports such as motorsports and football globally further enhanced its already-established brand.

Despite being the market leader, Castrol faces challenges in Vietnam such as high competitiveness due to open-market policy and trade agreements, lower recognition towards advanced technological products, and consumers' affordability in purchasing
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Castrol. To solve these issues, Castrol is recommended to modify its current bottled packaging into refill-bag packaging. This will reduce packaging cost, allowing consumers to afford purchasing Castrol's quality product while maintaining its fragmentation concept without the need to design a relatively lower quality product to fulfil the pricesensitive customers. Unilever has successfully gained market share in India after modifying their packaging of premium detergent (Deresky, 2011).

5.2

Exploitation of Available Opportunities

Based on the Ansoff product-market matrix, a firm can go into two major directions in seeking future growth, either expansion of current business and activities or diversification into new business (Reed, 2010). For Castrol, it is recommended to diversify its existing motorcycle market to automobile market. Tim Stevenson (2010) claimed that this market as near haves consumers who are likely to buy motorcycles as their first vehicles, and a car in future. He believes that brand loyalty towards Castrol would persist when the segment purchases a car in the future. Castrol could then introduce new Castrol oils for cars by acquisition or joint venture with local car manufacturers or dealers as recommended car performance and maintenance package for consumers, implementation of forward and backward vertical integration. In addition, Castrol can employ locals in packaging factory to increase public recognition and acceptance as a company that takes part in developing Vietnams economy. Also, sponsor offer internship or industrial training programmes for local youth, and provide vehicle maintenance information to enhance consumer knowledge as well as their brand reputation as a quality, credible and caring company.

On the other spectrum, Castrol could introduce new environmental-friendly oil for ships as Vietnam's trades are based on shipping due to its geographic location. This niche market will be profitable if Castrol can target this market with first-mover advantage. Nevertheless, intensive R&D will be required and OSPAR assessment criteria are to be conducted and fulfilled. These successful products will ultimately give a viable

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alternative to ship companies that want to reduce the impact on the worlds marine environment (Linington, 2011).

6.0

Conclusion If you fail to plan, you are planning to fail, Benjamin Franklin.

Globalization has become the push to international business. Openness is required in globalization but fundamental differences make openness difficult and cooperation troublesome. Westerners and Vietnameses cultures vary because of profound differences in social structure, language, education, economic and political philosophy. Hence, studying and planning of their respective cultural profile and adjustment of leadership style and strategic approach are the best ways to negotiate diversity and harness the best rather than the worst of globalization for future business opportunities.

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Appendix 1 Hofstedes Cultural Dimensions on Vietnam Power Distance Vietnams high score (70 points) indicates Vietnameses tolerance towards inequality in wealth distribution and social status. This concept is engrained in the Vietnamese population due to strong hierarchical government and strict political controls by the communist government. Vietnamese are raised to obey instructions from superiors and respect senior figures, deemed to be experienced and wise (Musi, 2011). In exchange, senior figures are relied upon to provide holistic benefits to their subordinates, creating a paternalistic structure and enhancing employees tolerance towards superiors. Vietnameses inherent tolerance towards inequality of power and wealth creates an advantage for Castrol in employee management in Vietnam as employees are expected to adhere to instructions without resistance. Uncertainty Avoidance Vietnams low score (30 points) indicate that its people are rational and receptive towards opposing ideas or unfamiliar changes to current situations. Vietnam is populated by 54 different ethnic groups, also influenced by French and Mandarin in spoken languages. The tendency of accepting cultural diversity and changes allow Vietnamese to respond phlegmatically towards unstructured changes or happenings (ITIM, 2011). In other words, Vietnamese are said to be risk takers.

This is a plus point for Castrol as Vietnamese are ready to work with foreign firms. However, Castrol needs to take Vietnamese traditional practices and cultures into considerations to avoid conflicting with their beliefs. Individualistic Vietnam (20 points) is portrayed as a collectivist society due to deep influences of Confucianism, focusing on loyalty and relationships (guanxi) in a group, especially to protect face (mianzi) of all in a

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group. In collectivist societies, offensive remarks will lead to disgrace and loss of face, a serious issue in the society (Quang & Nguyen, 2002). In conflicts, they prefer to come out with a win-win situation to avoid disharmony.

Hence, business with good guanxi can improve business transactions in the Vietnamese market (Musi, 2011). In addition, the Vietnamese communist government also encourages collectivism to improve population morale and labour productivity. Masculinity Vietnam scores 40 points, portraying it as a feminine society. In feminine countries the focus is on favouring quality of life and equality. The society is more tolerant and concerned about others issues, preferring to reach consensus on issues via collaborative effort (ITIM, 2011). Assertiveness is not emphasized by the society whereby social status and self-importance are not highlighted.

As such, Castrol should implement a participative and empowering management style to include the employees in decision-making. By supporting the employees, productivity and work-relationship can be enhanced. In addition, work benefits or incentives that promote group collaboration and balanced work and family life will be well received, such as conducive working environment, teamwork, no infringement on family life and programmes for improving health and safety at work. Long term vs Short Vietnams high score (80 points) in this dimension is influenced by term oriented Confucianism. They are deemed to have values such as thriftiness, perseverance and delayed satisfaction for higher goals. Hence, this causes Vietnamese to be cautious in their daily undertakings as longterm orientation affects their judgments and decisions (UK Trade and Investment, 2009).

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This may be challenging for Castrol to enter Vietnam and do business in Vietnamese. On one hand, Vietnamese may disagree on agreed contract terms and do not close the deal immediately as they require more time to better understand the business and the counterparts they are dealing with. On the other hand, Vietnamese may not purchase new foreign products (Castrol) as it is relatively more expensive and considerations on the effect of using an unfamiliar product.

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